Chicago Investor Spends $82M On Alexandria Apartments In First D.C.-Area Buy
A Chicago-based real estate investor has made its first foray into the D.C. market.
29th Street Capital paid $82M to acquire The Shelby, a 240-unit apartment community near the Huntington Metro station in Alexandria, the firm announced Thursday.
The property was previously owned by California-based Passco Cos., property records show. Passco acquired it in 2016 for $69.5M from Arlington-based Insight Property Group, which developed the project in 2014.
Berkadia's Drew White and Carter Wood brokered the sale on behalf of 29th Street Capital, and Berkadia's Mitch Sinberg, Brad Williamson and Wes Moczul arranged financing for the buyer. Haven Residential, 29th Street Capital's in-house property management firm, will oversee the property's management and leasing.
Founded in 2009, 29th Street Capital has a portfolio of 17,000 existing units and a pipeline of over 3,500 units, it said in the release. In the past year, it said it has acquired over 22 properties containing over 5,000 units. The investor said it plans to invest in interior and exterior renovations for The Shelby.
“This investment provides a unique opportunity for us to own a high-quality Metro-served asset in a growing area of Alexandria,” 29th Street Capital Senior Vice President of Acquisitions Brian Berry said in a release. “The Shelby is known for its quality interior finishes and amenities, which we will enhance going forward.”